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There is a long standing argument that Bitcoin, as an asset, is technically worthless, as it has nothing backing its value. It is a creation that is given a value by the mere fact that people agree upon its value, but this has some people concerned.
Famous emerging markets investor Mark Mobius believes that Bitcoin needs to be backed by gold to have any value. His point must stem back to a time when currencies, such as the dollar and pound, were tied to the value of tangible assets - most recently, the gold standard.
However, today’s currencies are no longer tied to the value of gold, and a case can be made that they too have no intrinsic value except for the value given to it and decided upon by centralised banks.
Yet, the relationship between gold and Bitcoin is a long and storied one, and the idea of tying the value of the precious mettle to the digital asset is not too far fetched, as it has, in some form, been done before; but rather as tokenization than value pegging.
Still, the concern remains that Bitcoin, and blockchain technology, is risky for investors in terms of the volatility of the market, and part of that volatility also comes from its lack of intrinsic value which can see the markets fluctuate and swing wildly.
In an interview on CNBC’s Squawk Box Mobius was asked by CNBC’s crypto activist Joe Kernen, whether Mobius believes that Bitcoin has inherent value, the famed investor avoided answering the question directly, claiming that the world really needs a cryptocurrency that would be backed by gold.
Mobius said:
“If there is a cryptocurrency that is really backed by gold — and that is, there is a meaningful agreement and some kind of modern thing of this connection — then this could be quite interesting.”
In the interview, the fact that no currency is backed by gold was also put to Mobius, who admitted that it all came down to a question of faith - for fiat and crypto - and if there is enough faith that Bitcoin can buy you something and have a value, then perhaps that is fine too.
“The reason why people believe in the U.S. dollar is because they have faith that with dollars in their hands, they can buy something. So there’s a degree to which if cryptocurrency can enable you to buy something and you believe that to be the case, that’s fine,” he added.
While reiterating his recent statements that it is a matter of faith whether people believe in Bitcoin or any other crypto, the veteran investor still emphasized concerns over the industry, arguing that people will soon begin to realize that cryptocurrencies are very risky.
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Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.
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Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current price and the price24 hours ago.
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